The upcoming year, 2024, is poised to commence on a positive note for consumers as local fuel prices are expected to decrease despite challenges such as the volatile Rand and concerns surrounding shipping routes in the Red Sea. The Department of Mineral Resources and Energy is set to adjust fuel prices next Wednesday, and according to unaudited data from the Central Energy Fund (CEF), the numbers indicate a broad reduction in fuel prices.

The Automobile Association (AA) comments that, based on the CEF’s figures, ULP95 petrol is expected to see a decrease of approximately 54 cents per litre, while ULP93 is anticipated to drop by around 39 cents per litre. Diesel prices are projected to experience a significant decrease ranging between 94 cents per litre and R1.02 per litre, and illuminating paraffin is expected to drop by approximately 95 cents per litre.

Despite recent challenges, including disruptions in shipping routes and a volatile Rand, the stabilization of oil prices and the downward trend in international product prices remain the key factors influencing the expected reductions. Major shippers have resumed operations, contributing to the overall positive outlook for consumers as they welcome the new year.

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